news for practitioners and employers

The IRS has issued its letter authorizing the suspension of the Iron Workers Local 17 Pension plan benefits. Document Excerpt As required by MPRA, Treasury conducted a vote of eligible Plan participants and beneficiaries to approve or reject your benefit suspension. This vote concluded at 5:00 p.m. EST on Friday, January 20, 2017. Pursuant to […]

The PBGC announces updates to its civil penalties. Document Excerpt The Pension Benefit Guaranty Corporation is required to amend its regulations annually to adjust the penalties provided for in sections 4071 and 4302 of the Employee Retirement Income Security Act of 1974. This action is being taken in accordance with the Federal Civil Penalties Inflation […]

The DOL releases a proposed Best Interest Contract Exemption that would allow certain insurance intermediaries and the insurance agents and companies they contract with, to receive compensation in connection with fixed annuity transactions that might otherwise give rise to prohibited transactions. Document Excerpt The class exemption proposed in this document would provide relief that is […]

Notice 2017-14 provides circumstances under which the hardship exemption from the individual shared responsibility payment may be claimed on a federal income tax return without obtaining a hardship exemption. Document Excerpt This notice supplements Notice 2014-76, 2014-50 I.R.B. 946, by identifying an additional hardship exemption from the individual shared responsibility payment under § 5000A of […]

These set of frequently asked questions released by the DOL regarding its conflict of interest regulations focuses in on those questions raised most often by financial service institutions. Document Excerpt These FAQs are generally limited to investment advice concerning ERISA-covered plans, IRAs, and other plans covered by section 4975(e)(1) of the Internal Revenue Code (Code). […]

Proposed changes to the definitions of qualified matching contributions and qualified nonelective contributions that would remove the requirement that the contributions be nonforfeitable when made. Document Excerpt Under these regulations, employer contributions to a plan would be able to qualify as QMACs or QNECs if they satisfy applicable nonforfeitability and distribution requirements at the time […]

The DOL releases its civil penalty adjustments for 2017 including some ERISA penalties including under ERISA Section 715, failing to provide a Summary of Benefits Coverage and various penalties under ERISA Section 502(c). Document Excerpt Link https://www.federalregister.gov/documents/2017/01/18/2017-00614/department-of-labor-federal-civil-penalties-inflation-adjustment-act-annual-adjustments-for-2017

The DOL has released a new set of Frequently Asked Questions on its fiduciary conflict of interest regulations aimed at consumers. Document Excerpt These Frequently Asked Questions (FAQs) will provide you with information about the Rule and related protections so that you can better understand your rights and benefits as a retirement investor. At the […]

Revenue Procedure 2017-18 provides that the last day of the remedial amendment period for Section 403(b) arrangements for purposes of Section 21 of Revenue Procedure 2013-22 is March 31, 2020. Document Excerpt This revenue procedure provides that the last day of the remedial amendment period for § 403(b) plans, for purposes of section 21 of […]

Benefits Forward is a news site for professionals in the field of employee benefits. Our goal is to provide the latest information about the benefits field and to host a community discussion regarding related issues.

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